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SteinhoffBusiness Report writes that Parliament on Wednesday called on global retailer Steinhoff to block any bonuses to its executives.  

The call came in the wake of reports that the Steinhoff board wanted to pay the head of the audit and risk committee Steve Booysen R2.9m in bonuses and acting chairperson Heather Sonn another R2.9m.  Another executive, Johan van Zyl, was eyed for a R1.5m payment, while former directors Len Konar and Theunie Lategan were due to be paid R500,000 each.  Steinhoff is to hold an AGM on 20 April at which the shareholders intend to make the final decision.  The joint committees of Parliament described the move as unseemly, given the giant's recent auditing scandal.  Themba Godi, chairperson of the Standing Committee on Public Accounts, commented:  “It feels so odd that here is a company facing such a massive scandal and it is paying bonuses.”  In its annual report, Steinhoff Africa Retail advised that former Steinhoff International chief executive Markus Jooste was paid a total of R121.8m in earnings in 2017, 35% more than he received in 2016.  This included a R39.9m annual bonus, R8.3m in a strategic bonus and R36.7m in a deferred bonus.  Non-executive director Heather Sonn was paid R1.52m, up from the R548,000 she received in 2016.


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